LONDON Luminus Devices Inc., a developer of solid-state display backlight technology, has raised over $72 million in Series E funding.
The round was led by Braemar Energy Ventures. New investors include CMEA Ventures and Paladin Capital Group with existing backers Battery Ventures, Argonaut Private Equity, Draper Fisher Jurvetson, DFJ New England, Eastward Capital and Stata Venture Partners also participating.
All three new investors focus on energy and environmentally friendly technologies.
Luminus was formed in 2002 by a group of scientists from Massachusetts Institute of Technology who studied the use of photonic lattice structures to improve the efficiency of the light emitting diode (LED).
The company's PhlatLight technology is a solid-state light source based on patented photonic lattice structures. Not only is more light produced, but the light can be extracted in a narrower, collimated beam that is more readily collected and delivered to its target, Luminus claimed.
The company said it plans to use the capital to accelerate development of new products and expand into new lighting markets. It added that it is recruiting staff in the greater Boston area to strenghen its team in sales support, applications engineering and product development.
Udi Meirav, CEO of Luminus Devices, Inc., commented: "This investment enables a new phase in the growth of our company, and it will provide us with the resources to expand our product line, serve new markets and deliver the full value of our technology to our growing roster of customers."